ISM US manufacturing PMI holds steady in September
By Iain Gilbert
Date: Tuesday 01 Oct 2024
(Sharecast News) - The Institute of Supply Management's manufacturing index, as market participants tried to gain fresh insight into the state of the US economy amid ongoing fears surrounding a potential US recession.
The ISM's manufacturing PMI was flat month-on-month in September at 47.2, falling slightly short of expectations for a reading of 47.5 and continuing to point to a contraction in the manufacturing sector as demand continued to be weak and output fell.
New orders declined to 46.1, inventories fell to 43.9 and backlog of orders contracted to 44.1, while production nearly stalled at 49.8, prices eased to 48.3 and supplier deliveries indicated slowing deliveries at 52.2.
"Demand remains subdued, as companies showed an unwillingness to invest in capital and inventory due to federal monetary policy and election uncertainty. Production execution stabilised in September. Suppliers continue to have capacity, with lead times improving and shortages reappearing", said Timothy Fiore, ISM Manufacturing Business Survey Committee chairman.
Elsewhere, S&P Global's manufacturing PMI was revised slightly higher to 47.3 in September, up from a preliminary reading of 47 but was still the lowest reading seen since June 2023.
Reporting by Iain Gilbert at Sharecast.com
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